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October 2, 2012

LPL Grabs Firm With 15 Advisors, $750M in Assets

San Diego-based firm will affiliate with broker-dealer, RIA platforms

Washington Wealth Management, an independent hybrid RIA based in San Diego, announced Tuesday that it was affiliating with LPL Financial.

WWM is a 15-advisor team that manages about $750 million in client assets. The firm works with wirehouse veterans with at least $1 million in annual revenues to provide an open architecture approach to fee- and commission-based products.

“Washington Wealth Management is focused on one overarching mission: Setting experienced wirehouse financial advisors free,” Rob Bartenstein, CEO of WWM, said in a statement. “Our management team is comprised of wirehouse veterans who are each deeply committed to the success of wirehouse advisors seeking independence.”

WWM will affiliate with LPL’s broker-dealer platform in addition to its RIA platform.

“Affiliating with LPL Financial gives WWM a strong foundation as it continues to advance its mission for advisors and clients,” Bill Morrissey (left), executive vice president of business development at LPL Financial, said in a statement. “At the same time, we believe that WWM’s decision to affiliate with LPL Financial on both our broker-dealer and RIA platforms is yet another clear example how the choice and flexibility we provide with respect to financial advisor business models are highly attractive to successful producer groups with sophisticated needs.”

WWM has grown client assets to $750 million from $100 million in December 2011, Bartenstein said. He noted that assets are expected to grow an additional $135 million with the recent addition of Los Angeles-based Domari Wealth Management.